Appeal U/S 61 Of IBC Is Not Maintainable After Dissolution Of Corporate Debtor U/S 54 : NCALT

The NCLAT New Delhi bench ruled that an appeal under Section 61 of the Insolvency and Bankruptcy Code (IBC) is not maintainable once the corporate debtor is dissolved under Section 54.

The decision stems from an appeal against an NCLT order dismissing an application under Sections 60(5) and 73 of the IBC.

Citing precedent in Sudhir Kumar Goel & Ors. v. M/s Shashi Oils and Fats Pvt. Ltd., the tribunal held that dissolution under Section 54 closes all proceedings related to the corporate debtor.

Declaring the appeal infructuous, the bench emphasized the finality of dissolution in insolvency processes.